Psyence Group’s NASDAQ Listed Associate, Psyence Biomedical, Receives Human Research Ethics Committee (HREC) Approval to Initiate Phase IIb Study

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) — Psyence Group Inc (“Psyence Group“) (CSE: PSYG), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing, is pleased to announce that its NASDAQ listed associate, Psyence Biomedical Ltd (NASDAQ:PBM) (“PBM” or “Psyence Biomed“) has received full approval from the Australian Health Research Ethics Committee (HREC) to initiate its planned Phase IIb study in Melbourne, Australia. The study will be conducted through PBM’s subsidiary, Psyence Australia (Pty) Ltd (“Psyence Australia“) and will examine the use of nature-derived psilocybin as a treatment for Adjustment Disorder due to a recent cancer diagnosis in the palliative care context. According to a news release issued by PBM on March 6, 2024, an estimated 56.8 million people worldwide require palliative care annually, with a substantial number of these patients exhibiting a high burden of psychosocial distress after diagnosis.

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